Hundreds of investors will be forced to pay Inland Revenue half a billion dollars in tax and penalties after a landmark court judgement.
Monday, November 17th 2003, 6:49AM
by The Landlord
The dispute centres on a tax avoidance scheme by company Actonz that has triggered one of New Zealand's biggest tax disputes and seen the company receive a major judgement against it.
Actonz helped investors buy a share in six software applications for nearly $700 million. It then used the depreciation or loss value over time on the software to offset its own tax bills.
